Daily News - Tuesday, 11 June 2024
Build plants in Russia, Moscow tells Indian drugmakers (mint)
Sanctions-hit Russia is seeking drug security from India amidst shortages due to the war in Ukraine, offering financial support for Indian companies to build facilities in Russia and increase pharmaceutical exports. Indian officials recently attended the St. Petersburg Economic Forum to discuss collaborations, with Cadila Pharmaceuticals and around 20 other Indian companies engaging with Russian entities. India, as the world's largest exporter of generic medicines, sees opportunities in providing essential drugs and collaborating on research and development.
Coffers dry, task cut out for Naidu to deliver on promises (Business Standard)
N Chandrababu Naidu, set to become Andhra Pradesh's Chief Minister, faces the challenge of raising over ₹10,000 crore by July to fulfill his party's promises, including increased social pensions and free travel for women in government buses. The TDP's "Super Six" commitments also include a ₹4,000 monthly pension and financial support for school-going children, adding significant financial pressure on the state's already strained coffers. To meet these demands, the government plans to sell securities and will need substantial revenue to sustain these welfare schemes.
PM’s first decision: ₹ 20K cr to farmers (Financial Express)
A day after taking office for the third time, Prime Minister Narendra Modi authorized the release of ₹20,000 crore to 93 million farmers under the PM-Kisan scheme, marking the 17th installment of direct cash benefits. Since its inception in 2019, PM-Kisan has transferred over ₹3 trillion to farmers, aiming to support agricultural and incidental expenses with annual payments of ₹6,000 per farmer. The scheme has been credited with spurring rural economic growth, easing credit constraints, and boosting agricultural investments.
Cost of building Naidu’s ‘city of future’ doubles to ₹40K cr (Financial Express)
Amaravati, the dream capital of Andhra Pradesh envisioned by TDP leader Chandrababu Naidu, is set for revival with his return to power, but the cost has soared to ₹40,000 crore, nearly double the initial estimate. Naidu previously invested ₹10,500 crore in Amaravati, but the project stalled under Jagan Mohan Reddy’s administration. Now, with renewed focus and support, plans for the smart city, featuring extensive infrastructure and sustainable designs, are expected to advance rapidly, potentially transforming the region into a new IT hub and boosting local real estate values significantly.
Pact with ILO Soon to Map Global Skills Gap (The Economic Times)
India will collaborate with the International Labour Organisation (ILO) on global skills gap mapping, universal social security, green jobs, and the orderly international migration of skilled workers. This commitment was reaffirmed during bilateral meetings at the 112th International Labour Conference, where India emphasized its initiatives on labour reforms, social security for informal sector workers, and promoting female labour force participation. Additionally, discussions covered social justice, care economy, and the role of India's youth in meeting the growing demand for care-related jobs.
